Accounts filed on 30-11-2013
Accounts filed on 30-11-2013
trueJohn Sherwin VW and Audi Specialist Limited049588412013-11-3020791817738320801817748310010020801817748320801817748317573114106650040424322257711834985507105951883602741683811221653228736417250002750072878917Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-5% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Plant & MachineryReducing Balance0.2000Fixtures & FittingsReducing Balance0.1500Motor VehiclesReducing Balance0.2500ComputerReducing Balance0.3300500005000025000225002500228882245343515601135362065728887245343540601360364565Ordinary1000110001000Ordinary1100100100At the balance sheet date the director owed the company £4,913. The loan is interest free and repayable on demand.2014-08-19Mr John Sherwintruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureJohn Sherwin VW and Audi Specialist Limited2012-12-012013-11-30John Sherwin VW and Audi Specialist Limited2011-12-012012-11-30John Sherwin VW and Audi Specialist Limited2011-11-30John Sherwin VW and Audi Specialist Limited2012-11-30John Sherwin VW and Audi Specialist Limited2012-11-30John Sherwin VW and Audi Specialist Limited2013-11-30 2014-08-19
